Key Highlights

  • Normalised Revenue rose 6.3% to A$1,314.9 million for the year to 30 June 2026.
  • Normalised NPAT rose 41.3% to A$54.3 million, and reported NPAT rose 51.9% to A$50.7 million.
  • The company plans to sell about A$800 million of non-core property over three years and recycle the proceeds into hotel growth.
  • A final fully Franked Dividend of 23 cents per share was declared, and an independent review of the group structure is under way.

Why would a company with record hotel Earnings plan to sell about A$800 million of property over three years? On 24 August 2026 EVT Limited (ASX:EVT) reported FY26 results showing higher normalised profit and said it intends to divest non-core property and recycle the proceeds into hotel growth, while an independent review of its group structure is under way.

The FY26 result

Revenue: A$1,314.9 million, up 6.3 per cent.

EBITDA: A$174.4 million, up 8.4 per cent.

Net profit after tax: A$54.3 million, up 41.3 per cent. Reported NPAT was A$50.7 million, up 51.9 per cent.

Final dividend: 23 cents per share, fully franked.

Two divisions, different stories

EVT operates in two main areas.

Hotels: Revenue up 5.1 per cent and EBITDA up 1.0 per cent, described as a record result supported by encouraging revenue per available room (RevPAR).

Entertainment: Revenue up 7.7 per cent and EBITDA up 45.8 per cent, despite a smaller venue footprint.

The contrast is informative. Hotels grew revenue faster than EBITDA, suggesting cost pressure or the timing of redevelopments, while Entertainment, which includes cinemas, produced a large earnings jump from a smaller base of venues. The growth pillars named were EVT Hotels and Resorts and Connect Hospitality.

The strategic shift: property sales and hotel growth

The central development is the plan to divest about A$800 million of non-core property over the next three years on a "value-first basis".

QT Auckland is a newly launched hotel, and Connect Hospitality and QT Auckland were expected to add about A$13 million of EBITDA.

Selling property and reinvesting in hotels changes the profile of the business. Whether the sales achieve attractive prices depends on property market conditions that EVT does not control.

Group structure review

An independent review is under way, overseen by an Independent Board Committee, with Rothschild and Co engaged to assess Options for the group structure.

FY27 outlook

Management expects further EBITDA growth and another record year in Hotels. It cautioned that short-term headwinds, including development works and weaker snow conditions, may affect some divisions. Updates on the structure review and divestments are to follow as outcomes are achieved, without dates.

Sector and competitive position

EVT competes with other hotel and resort owners and operators, cinema chains and entertainment venues, and its performance reflects domestic and New Zealand tourism, corporate travel and consumer spending.

Key risks

Execution of divestments: Timing and prices for the A$800 million target are uncertain.

Structure review outcome: The review could lead to changes in how the Business is organised, with uncertain consequences.

Development disruption: Redevelopment works can disrupt hotel earnings in the short term.

Weather and seasonality: Weak snow conditions may affect some divisions.

Consumer and travel demand: Both hotels and cinemas are sensitive to discretionary spending.

Special dividends: Possible but not assured, since they depend on sale proceeds and board decisions.

What to watch next

Items to follow include announcements of property sales, any outcome from the Rothschild-supported review, the pace of the hotel pipeline, and commentary on trading in each division.

Bottom line

EVT's FY26 result showed record hotel performance and more encouraging entertainment earnings, alongside a plan to recycle property Capital into hotel growth and a review of its structure. The company is in a period of change, and the outcome depends on execution and market conditions.